The global motorized thrombectomy device market is projected to witness growth at a CAGR of 6.17% during the forecast period to reach the total market size of US$1,045.325 million in 2026 increasing from US$687.280 million in 2019. The market growth is attributed to the rapidly increasing geriatric population and growing incidence of cardiovascular diseases in many regions across the globe.
According to Healthline, in the United States, in 2018, 30.3 million adults were diagnosed with heart diseases, and every year 6, 47,000 Americans die due to heart-related diseases, making it the leading cause of death in the country. The increase in the number of patients suffering from cardiovascular diseases will subsequently contribute to the market growth of the motorized thrombectomy device market as it would spike the number of patients who require these machines for their treatment. In addition, the increasing preference of surgeons and patients for image-guided and minimally invasive cardiac surgeries and procedures as they offer advantages such as less blood loss, lower risk of infection, reduced trauma and pain, and a shorter hospital stay, has further fueled the market growth for motorized thrombectomy devices. The rising reliability and convenience offered by mechanical thrombectomy devices, as compared to their manual equivalents, such as benefits offered in cardiac surgeries, and higher prevalence of thrombotic diseases among geriatric individuals is contributing to their increased adoption of these devices worldwide, will augment the market growth during the forecast period. Also, the growing demand for stent retrievers will drive the market growth as they are second-generation mechanical thrombectomy products utilized for the treatment of thrombotic disorders, globally. The favorable medical reimbursements worldwide are encouraging more patients to adopt these machines for their treatment. Furthermore, substantial amounts are continuously being funneled into research and development to make these devices more advanced which will further strengthen the market growth.
Geographically, North America accounts for the largest market share of the global motorized thrombectomy device market owing to the continuous research and high adoption rate for advanced technologies in the healthcare industry. Asia Pacific is expected to show the highest CAGR over the projected period as a result of increasing investments by key market players in the healthcare industry. China and India are expected to emerge as the new revenue-generating regions owing to the rising geriatric population, increasing awareness among surgeons related to the benefits offered by thrombectomy devices, increasing healthcare expenditure, and rising adoption of these devices due to their decreasing costs.
The increase in the geriatric population across the globe is expected to drive the market growth of motorized thrombectomy devices. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period as the geriatric population is more likely to require thrombectomy procedures, which in turn will bolster the market demand for motorized thrombectomy devices.
Rising incidence of cardiovascular diseases in people.
The number of patients suffering from cardiovascular diseases (CVD) nationwide has been on a stable rise. The constant increase in the numbers is likely to increase the requirement for thrombectomy procedures and subsequently the demand for motorized thrombectomy devices. According to the American Heart Association, in the United States in 2019, coronary events are expected to occur in about 1,055,000 individuals, including 720,000 new and 335,000 recurrent coronary events. The increasing incidence of cardiovascular diseases in people will drive the growth of the market during the forecast period as it will increase the number of patients who will require thrombectomy procedures, which in turn will accelerate the demand for motorized thrombectomy devices.
The major restraint for the motorized thrombectomy devices market is a lack of knowledge and awareness amongst the patients regarding the thrombectomy procedures. The patients, especially in the developing countries are not well aware of the benefits of the minimally invasive surgeries and motorized thrombectomy procedures, which may hamper the market growth as fewer patients will undergo the procedure which in turn will reduce the demand for the motorized thrombectomy devices in the short run.
COVID–19 Impact On Motorized Thrombectomy Device Market.
The Covid-19 pandemic moderately impacted the global motorized thrombectomy devices market as due to the nationwide lockdown restrictions, many patients deferred their ongoing treatments and postponed their scheduled surgeries to avoid public places which restrained the market growth of the motorized thrombectomy device market. However, the patients who required thrombectomy procedures on an urgent basis did go forward with the procedure which stabilized the market growth. Also, the patients suffering from cardiovascular diseases witnessed a huge spike in numbers due to being affected by the virus, as the virus has the potency to directly affect the heart of the patients which results in causing a cardiac arrest, in turn. resulted in increasing demand for motorized thrombectomy devices in the short run.
The market leaders consist of Bayer AG, Nipro Medical Corporation, Medtronic, PLC, Boston Scientific Corporation, Stryker Corporation, Stentys SA, and Capture Vascular, Inc. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance, in June 2021, Bayer AG, a German multinational pharmaceutical and life sciences company, has decided to grow its business prospects in India due to the increasing demand for pharmaceuticals in the country by focusing its business operations on 10 brands including headache relief medicine Saridon, multivitamin Supradyn, antifungal Canesten and anti-allergy drug Alaspan, to conquer the Indian market.
According to Healthline, in the United States, in 2018, 30.3 million adults were diagnosed with heart diseases, and every year 6, 47,000 Americans die due to heart-related diseases, making it the leading cause of death in the country. The increase in the number of patients suffering from cardiovascular diseases will subsequently contribute to the market growth of the motorized thrombectomy device market as it would spike the number of patients who require these machines for their treatment. In addition, the increasing preference of surgeons and patients for image-guided and minimally invasive cardiac surgeries and procedures as they offer advantages such as less blood loss, lower risk of infection, reduced trauma and pain, and a shorter hospital stay, has further fueled the market growth for motorized thrombectomy devices. The rising reliability and convenience offered by mechanical thrombectomy devices, as compared to their manual equivalents, such as benefits offered in cardiac surgeries, and higher prevalence of thrombotic diseases among geriatric individuals is contributing to their increased adoption of these devices worldwide, will augment the market growth during the forecast period. Also, the growing demand for stent retrievers will drive the market growth as they are second-generation mechanical thrombectomy products utilized for the treatment of thrombotic disorders, globally. The favorable medical reimbursements worldwide are encouraging more patients to adopt these machines for their treatment. Furthermore, substantial amounts are continuously being funneled into research and development to make these devices more advanced which will further strengthen the market growth.
Geographically, North America accounts for the largest market share of the global motorized thrombectomy device market owing to the continuous research and high adoption rate for advanced technologies in the healthcare industry. Asia Pacific is expected to show the highest CAGR over the projected period as a result of increasing investments by key market players in the healthcare industry. China and India are expected to emerge as the new revenue-generating regions owing to the rising geriatric population, increasing awareness among surgeons related to the benefits offered by thrombectomy devices, increasing healthcare expenditure, and rising adoption of these devices due to their decreasing costs.
Growth Factors.
- Increase in the geriatric population.
The increase in the geriatric population across the globe is expected to drive the market growth of motorized thrombectomy devices. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period as the geriatric population is more likely to require thrombectomy procedures, which in turn will bolster the market demand for motorized thrombectomy devices.
Rising incidence of cardiovascular diseases in people.
The number of patients suffering from cardiovascular diseases (CVD) nationwide has been on a stable rise. The constant increase in the numbers is likely to increase the requirement for thrombectomy procedures and subsequently the demand for motorized thrombectomy devices. According to the American Heart Association, in the United States in 2019, coronary events are expected to occur in about 1,055,000 individuals, including 720,000 new and 335,000 recurrent coronary events. The increasing incidence of cardiovascular diseases in people will drive the growth of the market during the forecast period as it will increase the number of patients who will require thrombectomy procedures, which in turn will accelerate the demand for motorized thrombectomy devices.
Restraints.
- Lack of awareness.
The major restraint for the motorized thrombectomy devices market is a lack of knowledge and awareness amongst the patients regarding the thrombectomy procedures. The patients, especially in the developing countries are not well aware of the benefits of the minimally invasive surgeries and motorized thrombectomy procedures, which may hamper the market growth as fewer patients will undergo the procedure which in turn will reduce the demand for the motorized thrombectomy devices in the short run.
COVID–19 Impact On Motorized Thrombectomy Device Market.
The Covid-19 pandemic moderately impacted the global motorized thrombectomy devices market as due to the nationwide lockdown restrictions, many patients deferred their ongoing treatments and postponed their scheduled surgeries to avoid public places which restrained the market growth of the motorized thrombectomy device market. However, the patients who required thrombectomy procedures on an urgent basis did go forward with the procedure which stabilized the market growth. Also, the patients suffering from cardiovascular diseases witnessed a huge spike in numbers due to being affected by the virus, as the virus has the potency to directly affect the heart of the patients which results in causing a cardiac arrest, in turn. resulted in increasing demand for motorized thrombectomy devices in the short run.
Competitive Insights.
The market leaders consist of Bayer AG, Nipro Medical Corporation, Medtronic, PLC, Boston Scientific Corporation, Stryker Corporation, Stentys SA, and Capture Vascular, Inc. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance, in June 2021, Bayer AG, a German multinational pharmaceutical and life sciences company, has decided to grow its business prospects in India due to the increasing demand for pharmaceuticals in the country by focusing its business operations on 10 brands including headache relief medicine Saridon, multivitamin Supradyn, antifungal Canesten and anti-allergy drug Alaspan, to conquer the Indian market.
Market Segmentation:
By Architecture
- Open Systems
- Close Systems
By Field Strength
- Low Field Strength
- Mid Field Strength
- High Field Strength
By Application
- Brain and Neurological
- Spine and Musculoskeletal
- Abdominal
- Coronary
- Pulmonary
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Taiwan
- Thailand
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Motorized Thrombectomy Device Market Analysis, By Architecture
6. Motorized Thrombectomy Device Market Analysis, By Field Strength
7. Motorized Thrombectomy Device Market Analysis, By Application
8. Motorized Thrombectomy Device Market Analysis, By Geography
9. Competitive Intelligence
10. Company Profiles
Companies Mentioned
- Bayer AG
- Nipro Medical Corporation
- Medtronic, PLC
- Boston Scientific Corporation
- Stryker Corporation
- Stentys SA
- Capture Vascular, Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 106 |
| Published | July 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 687.28 million |
| Forecasted Market Value ( USD | $ 1045.33 million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
